The accident came just one week after a Melbourne man purchased the old Victorian home.

Ballarat Traffic Management Unit Acting Sergeant Shaun Martins said the 49-year-old Ballarat man was driving a blue Holden Rodeo utility when the accident occurred in Skipton St about 11am.

"The man was travelling in a northerly direction when he lost control, travelled on the incorrect side of carriage way, across the gravel shoulder, and a bluestone gutter, crossed the nature strip and

footpath and collided with a vacant premises," he said.

"He caused extensive damage to his vehicle and the vacant premises."

The man was taken to the Ballarat Health Services Base Hospital with minor injuries.

No one was inside the weatherboard house at the time of the incident.

The owner of the home - who wishes to remain unnamed - hopes to restore it to its former glory.

"We were across at the draftsman's getting quotes for repairs when it happened, now it's going to be an even bigger repair," he said.

The wet weather has contributed to a spate of accidents in the past two days and Acting Sgt Martin said motorists needed to be more cautious.

"If the posted limit is 60kmh, you can travel at that speed in ideal conditions," he said.

"But the downfalls we've had have had quite an impact on road travellers and the roads themselves.

"We'd appreciate if people do slow down and give themselves more time to get from A to B."

Acting Sgt Martin urged anyone who witnessed the crash to contact Ballarat TMU on 5336 1306.